Dallas Home Appraisals News and Information

The Washington Post reports today that "2/3 of mortgage servicers have agreed to implement the foreclosure-mitigation policies outlined by Treasury Secretary Timothy Geithner last week," according to a top Senate Democrat .  A senior financial-industry lobbyist adds that this includes the four largest national mortgage servicers: Bank of America Corp. (BAC), Citigroup Inc. (C), J.P. Morgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC).  Senator Charles Schumer, D-N.Y., the No. 3 Senate Democrat and a member of the Senate Banking Committee, said mortgage servicers had a lot more confidence now that the Obama administration has provided details of how it wants banks to tackle the foreclosure problem.  "Two-thirds of servicers are the large banks that are part of the [Troubled Asset Relief Program],” Schumer said. “They’ve already agreed they are going to refinance now that they are no longer worried about getting sued (primarily by shareholders).”  A couple of interesting sites we've come across lately with current information about loan modifications are www.loanworkout.org and www.loansafe.org.  Both offer great tips for homeowners who are about to enter foreclosure or who are looking to stave off foreclosure.  Let us know if you find these sites helpful or if you know of other sites with good, up-to-date information.